Kathmandu: The net claim payment of most of the insurance companies has increased by 39 percent in Q1 of current financial year. Out of 20 non life insurance companies, Oriental Insurance and National Insurance has yet to publish their Q1 financial statements.
The claim of United Insurance Company has increased by 137 percent compared to the same period last fiscal year.
As of Ashoj end of FY 2078/79, 18 insurance companies have paid net claims of Rs. 1.544 billion. In the corresponding period of the last fiscal year, the companies had paid a net claim of Rs. 1.116 billion.
Two companies’ net claim payments declined:
As of the Q1 of the current Fiscal Year, the net claims of Nepal Insurance Company has decreased by 4 percent. The company had paid Rs. 35.7 million in net claims in the corresponding period of the last fiscal year but only Rs. 34 million in the review period.
Similarly, the claim payment of Rastriya Beema Company has also decreased by 93 percent. The company has paid only Rs 900,000 out of the net claim of Rs 14 million in the same period last fiscal year.
NECO Insurance Company has paid Rs. 201.3 million in claims so far. Compared to the corresponding period of the last fiscal year, the company’s net claim payment has increased by 63.79 percent. Last fiscal year, the company had paid a net claim of Rs. 122.9 million.
Sagarmatha Insurance Company has increased its net claims payment by 35 percent compared to the same period last fiscal year.The company has paid Rs. 177.2 million in net claims so far.
NLG Insurance Company has paid Rs 171.9 million in net claims so far. Compared to the same period last fiscal year, the company’s own claim payments are 68 percent higher.
Similarly, Shikhar Insurance has paid Rs 157.2 million in net claims during the period. Compared to the same period of the last fiscal year, the company’s net claim payment has increased by 10 percent.
During this period, Siddhartha Insurance Company claimed Rs. 135 million, Lumbini General Insurance Company Rs.115.8 million, Premier Insurance Rs. 93 million, United Insurance Rs 78 million, Ajod Insurance Rs.68.6 million and Everest Insurance Company Rs. 65.40 million.
Similarly, IME General Insurance Company Rs. 62.6 million, Prudential Insurance Company Rs. 54.9 million, Prabhu Insurance Company Rs. 53.2 million, Himalayan General Insurance Company Rs. 45 million, General Insurance Company Rs. 26.8 million and Sanima General Insurance has paid net claim of Rs. 16.7 million.